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MAYVILLE ENGINEERING COMPANY, INC.

(MEC)
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Mayville Engineering Company : Expanding Production Capacity in Michigan

05/04/2021 | 05:41pm EDT

Company Plans to Create Approximately 390 Skilled Employment Opportunities in Michigan During Coming Years

Mayville Engineering Company (NYSE: MEC) (the “Company” or “MEC”), a leading U.S.-based value-added manufacturing partner that provides a broad range of prototyping and tooling, production fabrication, coating, assembly and aftermarket services, today announced it is expanding its presence in Michigan to align its production capacity with a new strategic customer relationship.

“Expanding our manufacturing capacity in Michigan this year is an integral part of our long-term plans,” explained Bob Kamphuis, Chairman, President and Chief Executive Officer. “We are in the process of reviewing several sites, and are focused on the Greater Detroit area due to the availability of a highly skilled manufacturing workforce. We are grateful for the support of the State of Michigan and look forward to our future success together.”

The Company is currently considering potential facilities, each of which include approximately 250,000 square feet of manufacturing space. The Company plans to hire up to 390 employees in the coming years with full production planned to commence in early 2022. As part of the agreement, the Company received a $2.5 million incentive package from the State of Michigan. In addition to the new facility in the Greater Detroit area, MEC maintains five other Michigan based facilities with over 300,000 square feet of manufacturing space in the cities of Byron Center, Vanderbilt and Wayland.

“In Michigan, we remain focused on supporting and strengthening our workforce, and creating new jobs, that will ensure long-term economic opportunity in the state,” said Governor Gretchen Whitmer. “This expansion by Mayville Engineering Company builds on our Michigan Back to Work plan, creating a more resilient economy and helping us build back better for Michigan’s residents, businesses and communities.”

About Mayville Engineering Company

MEC is a leading U.S.-based value-added manufacturing partner that provides a broad range of prototyping and tooling, production fabrication, coating, assembly and aftermarket components. Our customers operate in diverse end markets, including heavy- and medium-duty commercial vehicles, construction, powersports, agriculture, military and other end markets. We have developed long-standing relationships with our blue-chip customers based upon a high level of experience, trust and confidence.

Our one operating segment focuses on producing metal components that are used in a broad range of heavy- and medium-duty commercial vehicles, construction, powersports, agricultural, military and other products. For more information, please visit www.mecinc.com.


© Business Wire 2021
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Financials (USD)
Sales 2021 463 M - -
Net income 2021 10,8 M - -
Net Debt 2021 57,0 M - -
P/E ratio 2021 34,5x
Yield 2021 -
Capitalization 353 M 353 M -
EV / Sales 2021 0,89x
EV / Sales 2022 0,65x
Nbr of Employees 2 150
Free-Float 91,8%
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Technical analysis trends MAYVILLE ENGINEERING COMPANY, INC.
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 5
Average target price 22,00 $
Last Close Price 18,17 $
Spread / Highest target 37,6%
Spread / Average Target 21,1%
Spread / Lowest Target -0,94%
EPS Revisions
Managers and Directors
NameTitle
Robert D. Kamphuis Chairman, President & Chief Executive Officer
Todd M. Butz Chief Financial Officer & Secretary
Randall P. Stille Chief Operating Officer
Allen J. Carlson Independent Director
Jay O. Rothman Independent Director
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